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Grande Portage and Quaterra announce first independent resource estimate for the Herbert Glacier gold deposit
Inferred resource of 1.57 million tonnes containing 245,145 oz of gold at 4.86 g/t VA...
About this update from Grande Portage Resources Ltd.
[{"type":"text","content":"\n\n\n\n\n\nInferred resource of 1.57 million tonnes containing 245,145 oz of gold\n at 4.86 g/t\n\n\nVANCOUVER, April 16, 2012 /CNW/ - Grande Portage Resources Ltd. (TSX-V\n GPG) (\"Grande Portage\" or \"the Company\") and its joint venture partner\n Quaterra Resources Inc. (TSX-V: QTA, NYSE Amex: QMM) are pleased to\n report a first independent resource estimate for the Herbert Glacier\n gold project located near Juneau, Alaska.\n\n\nThe resource estimate, which is based on drill results from two of four\n principal veins on the property, contains an inferred resource of\n 245,145 ounces of gold at an average grade of 4.86 g/t (0.142 ounces\n per ton) in 1.57 million tonnes. The resource was calculated using a 2\n g/t gold cut-off grade. Assay composites used in the resource estimate\n were statistically capped at 40 g/t (1.167 ounces per ton) to insure\n that outliers are not over-influencing the estimation and to account\n for nugget effect. The resource remains open in multiple directions\n along these defined veins. In addition, several highly prospective\n structures spread over the property remain unexplored. (For details of the resource estimate see table below).\n\n\nThe inferred resource released today is the result of two years of\n drilling along the Main and Deep Trench veins and represents about 20%\n of the total mapped strike length of all the veins identified on the\n property. The resource estimate is based on results from 65 diamond\n core holes (9,386 meters of drilling) and 4 trenches (19.7 meters of\n trenching) targeting two of the vein structures. The deposit contains\n coarse visible gold in several drill-hole intervals with gold grades as\n high as 229 g/t (6.678 ounces per ton) in recent drilling (Drill hole\n 11I-4).\n\n\nThe resource model on the Main Vein extends for 680 meters along strike and 200 meters down dip, enclosing\n 27 mineralized intersections in both the Main Vein and a sub-parallel\n hanging wall vein (the Main Vein Splay with five mineralized intervals). The undrilled surface exposure of the\n Main Vein continues for another 280 meters along strike and the\n resource model also remains open down dip. The Deep Trench Vein resource model extends for 410 meters along strike and 300 meters down\n dip, enclosing 15 mineralized intersections. The Deep Trench Vein\n remains open along strik...